Seal Beach homes for sale peaked in terms of buyer interest in 2011, a sign the market may be coming back. Getting the homes through escrow and sold in 2011 wasn't without bumps and bruises as any buyer or seller will tell you.
With interest rates dipping into the 3% range and a, the real challenge wasn't finding interested buyers. The challenge was getting buyers (for well-priced Seal Beach homes) approved for financing. Once that hurdle was cleared, it hinged on a hope and prayer that the appraisal came in at value.
So, exactly how well did Seal Beach home sales perform this year versus 2010? As of the time of this writing we've had 61 closed sales and eight pending sales. Compare that with the 54 closed sales of just one year ago, and you can see the progress the market is making towards recovery. Affordability over the same period increased with three homes under $700,000 sold in 2010 compared to 11 sold in 2011 with the least expensive selling for $472,000.
Speaking of affordability, one of the more notable sales was the condo located at . This bank-owned foreclosure with three bedrooms, two bathrooms and 1206 sq/ft was originally listed for $624,900, but it eventually sold for $472,000. Considering its good location and decent condition, it isn’t hard to see how this appealed to the budget-minded buyer, who purchased what I consider the best value of 2011.
Another notable sale (and value) at the high end of the market was . This French Normandy/Tudor style home with four bedrooms, four bathrooms and 4000 sq/ft is situated on 1.5 lots of prime “” real estate. Initially listed at $2,499,000 it recently sold for $1,700,000 and is located across the street from homes that routinely sell in excess of $5 million dollars.
Seal Beach real estate sales should enjoy continued affordability in 2012 if the trend continues for the lower end of the market. Just recently a home located at 246 17th Street was listed for $545,000, which equates to a mortgage payment of $2,082. A family looking to move to Seal Beach would quickly realize it is more cost effective to purchase then rent a comparable home. Surely this will be the first sale of 2012.
I’m curious to hear your predictions of Seal Beach real estate for the year to come. Will the market continue to experience buyer interest or will negative media persuade consumers to remain cautious?